Texas Roadhouse, Inc. and SubsidiariesNotes to Consolidated Financial Statements(Tabular amounts in thousands, except share and per share data)F-23
rights or privileges as shall be determined by the Board of Directors, which may include, but are not limited to, dividend
rights, voting rights, redemption and sinking fund provisions, liquidation preferences, conversion rights and preemptive
rights. There were no shares of preferred stock outstanding at December 25, 2018 and December 26, 2017.
(11) Stockholders’ Equity
On May 22, 2014, our Board of Directors approved a stock repurchase program under which we may repurchase up
to $100.0 million of our common stock. This stock repurchase program has no expiration date and replaced a previous
stock repurchase program which was approved on February 16, 2012. All repurchases to date under our stock
repurchase program have been made through open market transactions. The timing and the amount of any repurchases
will be determined by management under parameters established by our Board of Directors, based on an evaluation of
our stock price, market conditions and other corporate considerations.
We did not repurchase any shares of common stock during the years ended December 25, 2018 and December 26,- For the year ended December 27, 2016, we paid approximately $4.1 million to repurchase 114,700 shares of our
common stock, respectively. As of December 25, 2018, we had approximately $69.9 million remaining under our
authorized stock repurchase program.
(12) Earnings Per Share
The share and net income per share data for all periods presented are based on the historical weighted - average
shares outstanding. The diluted earnings per share calculations show the effect of the weighted - average restricted stock
units and stock options outstanding from our equity incentive plans. Performance stock units ("PSUs") are not included
in the diluted earnings per share calculation until the performance-based criteria have been met. See note 14 for further
discussion of our equity incentive plans.
For the year ended December 25, 2018, there were no shares of nonvested stock that were outstanding but not
included in the computation of diluted earnings per share because their inclusion would have had an anti-dilutive effect.
For the years ended December 26, 2017 and December 27, 2016, there were 2,082 and two shares of nonvested stock,
respectively, that were not included because they would have had an anti-dilutive effect.
The following table sets forth the calculation of earnings per share and weighted average shares outstanding
(in thousands) as presented in the accompanying consolidated statements of income and comprehensive income:
Fiscal Year Ended
December 25, December 26, December 27,
2018 2017 2016
Net income attributable to Texas Roadhouse, Inc.
and subsidiaries ................................. $ 158,225 $ 131,526 $ 115, 598
Basic EPS:
Weighted-average common shares outstanding ....... 71,467 70,989 70,396
Basic EPS ..................................... $ 2.21 $ 1.85 $ 1.64
Diluted EPS:
Weighted-average common shares outstanding ....... 71,467 70,989 70,396
Dilutive effect of stock options and nonvested stock... 497 538 656
Shares-diluted .................................. 71,964 71,527 71,052Diluted EPS .................................... $ 2.20 $ 1.84 $ 1.63
(13) Commitments and Contingencies
The estimated cost of completing capital project commitments at December 25, 2018 and December 26, 2017 was
approximately $168.3 million and $150.0 million, respectively.